Inventiva's Stock Soars 4.13% at Close Following $172.5M Fundraising
Biopharmaceutical company Inventiva announced on Monday the full exercise of the over-allotment option granted to banks as part of its public offering in the United States. Bookrunners subscribed to an additional 5.84 million American Depositary Shares, bringing the total amount of the transaction to approximately $172.5 million, or 149 million euros. This announcement comes after the initial settlement-delivery scheduled for November 17, with the settlement of the additional shares expected on November 18. The capital increase, carried out at a price of $3.85 per ADS (3.33 euros per share), aims to fund the continuation of the phase 3 clinical trial of Lanifibranor, a candidate drug for MASH.
Stock Performance and Fundraising Success
Inventiva's stock closed the session on Monday, November 17, at 3.53 euros, up 4.13% from the previous day (3.39 euros), with trading volume representing 0.34% of the capital. This rebound occurred in a declining Parisian stock market context, with the CAC 40 losing 0.63% at 8,119.02 points. Over a week, the stock slightly declined by 0.56%, but it shows remarkable performance over three months (+3.82%) and over one year (+40.92%), significantly outperforming the reference index which records an annual increase of 11.68%. The success of the fundraising operation is evidenced by the full exercise of the banks' option, a clause allowing bookrunners to subscribe up to 15% additional shares. This extension brings the total number of ADSs issued to 44.8 million, generating an estimated net product of $161.2 million after deducting fees. The company's executives have also demonstrated their confidence in the company, with a recent purchase of 24,700 shares for about 81,379 euros.
Technical Analysis and Market Indicators
From a technical standpoint, the stock is now trading above its 200-day moving average (3.25 euros), a signal traditionally considered bullish, although it remains under pressure compared to its 50-day moving average which stands at 4.07 euros. The MACD indicator displays an encouraging configuration with a positive histogram at 0.04, suggesting the beginning of a recovery in bullish momentum after the MACD line (-0.20) moves towards the signal line (-0.24). The RSI at 56 is positioned in a neutral zone, leaving room for progression before reaching the overbought zone. The stock fluctuates between a support at 3.04 euros and a resistance at 5.05 euros, with Bollinger Bands located between 2.97 and 3.80 euros. The one-month volatility remains high at 23.08%, characteristic of the biotechnological sector, while the very low beta (0.06) indicates a relative independence from market movements. The Scholes signal indicates a buying position, consistent with the observed positive momentum.
Initial Offering and Investor Confidence
The initial offering involved 38.96 million ADSs at a unit price of $3.85, set with a discount of only 0.89% compared to the weighted average price on Euronext Paris during the session preceding the price determination. Leerink Partners and Piper Sandler acted as associated bookrunners for this operation reserved for American investors. Inventiva, a company specializing in the development of oral therapies for metabolic steatohepatitis (MASH), specifies that these funds will primarily serve to continue its pivotal phase 3 clinical trial, but also to prepare the confirmatory study and commercialization activities. The stabilization period following the launch of the offering has now ended, the company indicates in its statement. The operation reflects the confidence of American institutional investors in the potential of Lanifibranor, with phase 3 results expected in the second half of 2026. With this capital raising, Inventiva estimates it has financial visibility until early 2027, or mid-2027 if additional subscription warrants are exercised.
